Kospi inches up after Wall Street makes gains

Korea’s main bourse finished higher Thursday after a three-day losing streak, as fear over a full-blown trade war between the United States and China receded. The Korean won appreciated against the U.S. dollar.

The benchmark Kospi gained 29.46 points, or 1.22 percent, to close at 2,437.52. Trade volume was high at 7.2 trillion won ($6.8 billion).

The local market opened higher tracking overnight gains on Wall Street, rebounding from the recent losses triggered by the trade dispute between the world’s two largest economies.

“Though it is unlikely that a trade war will take place, it is widely viewed as a factor that could raise market volatility,” said Yoon Yeo-sam, an analyst at Meritz Securities.

After the two countries unveiled their respective tariff plans, Larry Kudlow, U.S. President Donald Trump’s economic adviser, said Wednesday the proposed duties on China may not go into effect.

Institutions and foreigners bought a net 196 billion won and 72 billion won worth of local stocks, while individuals dumped 263.5 billion won.

Shares across the board traded in positive terrain, with market kingpin Samsung Electronics jumping 3.88 percent to close at 2,437,000 won one day ahead of the release of its first-quarter earnings guidance.

SK Hynix, a major chipmaker, was up 3.11 percent to 82,900 won.

Shipbuilders and shipping companies also led the gains after the government rolled out its mid-term restructuring plan for the country’s maritime industry, which has been undergoing a bruising time following massive losses.